Global Medical Electronics Market is expected to reach USD 219.0 billion by 2024. Medical Electronics is termed as an instrumentation used in physiological measurement in an area of engineering, medicine discipline, and biology. There are several opportunities for industry and new scientific findings. The future of medical electronics novel biometric appliances, devices, instruments, and systems will be established to treat neurological disorders or chronic diseases and extend life. The Medical Electronics Market is estimated to grow at a significant CAGR of 7.9% over the forecast period as the scope and its applications are rising enormously across the globe.
Rising demand for patient tracking and other monitoring activities, changing lifestyle, growing acceptance of wearable electronics, growth in aging populace and increasing health awareness among populace are documented as major factors of Medical Electronics Market that are estimated to enhance the growth in the years to come.
However, high refurbishment & maintenance cost and strict regulatory policy for product approval are the factors that may restrain overall market growth in the years to come. Medical electronics industry is segmented based on product type, component, application, and region.
Non-invasive and invasive are the product types that could be explored in Medical Electronics in the forecast period. Non-invasive sector comprises monitoring devices and imaging devices. On the other hand, invasive sector comprises endoscopes, pacemakers, gastric electric stimulators, implantable cardioverter- defibrillators (ICDs), spinal cord stimulators, and implantable loop recorders (ILRs). Non-invasive sector accounted for the substantial market share of Medical Electronics and is estimated to lead the overall market in the coming years.
Microprocessors/Microcontrollers, Sensors, Displays, Batteries, and Memory Devices are the components that could be explored in Medical Electronics in the forecast period. Batteries sector accounted for the substantial market share of Medical Electronics and is estimated to continue its dominance in the coming years. This may be because of rising adoption of wireless medical devices and growing innovation.
The market may be categorized based on applications like Treatment, Diagnosis, Monitoring and others that could be explored in the forecast period. Monitoring sector accounted for the significant market share of Medical Electronics and is estimated to lead the overall market in the coming years as rising use of home care settings and ambulatory care centers. This may be because of increasing acceptance of telemetry and remote monitoring. The device monitors patients from protracted distance, recommend treatments to patients, and perform intraoperative procedures.
Globally, North America accounted for the substantial market share of Medical Electronics and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be developed healthcare infrastructure, highly equipped laboratories, rising use of technologically advanced medical device, and high demand for medical electronics in the region.
Instead, Europe and the Asia Pacific are also estimated to have a positive influence on the future growth. Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period. The aspects that may be ascribed to the growth comprise growing population with respiratory diseases, developing healthcare infrastructure, technological enhancement, and rising awareness among populace regarding modern technology and their benefits. The developing countries like India and China are the major consumers of Medical Electronics in the region.
The key players of Medical Electronics Market are Texas Instruments, Philips Healthcare, GE Healthcare, Inc., Siemens Healthcare, STMicroelectronics N.V., Medtronic Plc., NXP Semiconductors N.V., and Analog Devices, Inc. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
Medical Electronics Market Application Outlook (Market revenue in USD Million, 2013 - 2024)
• MRI Equipment
• Computed Tomography (CT)
• Nuclear imaging equipment
• X-ray Devices
• Ultrasound Systems
• Cardiac Rhythm Management (CRM)
• Continuous Positive Airway Pressure (CPAP)
• Patient monitoring
• Home Healthcare/Handheld products
Medical Electronics Market Regional Outlook (Market Revenue in USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
• South Africa
Research Support Specialist, USA